Identity choy letter) each of the following characteristics as being an advantage, a disadvantage, or not applicable to the corporate form of business organization, A- Advantage N - Not Applicable D-Disadvantage Characteristics 1. Separate legal entity 2 Taxable entity resulting in additional taxes Continuous life 3. Unlimited liability of owners . Government regulation Separation of ownership and management 7. Ability to acquire capital L Ease of transfer of ownership